SOCAR: Investment decision on petchem complex in Turkey to be made in 2018

Investment decision on the new petrochemical complex of SOCAR in Turkey will be made in autumn 2018, Head of SOCAR Turkey Enerji AS Zaur Gahramanov told reporters in Baku on October 12.

According to him, SOCAR is committed to its plans to create another petrochemical complex in Turkey.

“We work in line with the plan. Until the end of this year, the pre-FEED (front end engineering design) and by mid next year the FEED stage will be completed. Most likely, at the end of 2018 and beginning of 2019, after approval of configuration, the work will start and the new complex will be launched in 2023,” said Gahramanov.

He noted that SOCAR has not yet begun negotiations on financing.

“Once the project is formed, the negotiations will be launched. The Petkim complex has shown good results for the last two years and this year there will be record figures. We, as the biggest shareholder of Petkim, will make a decision together with other shareholders. The final investment decision is planned to be made in September-October 2018,” Gahramanov said.

According to him, the new complex will not compete with Petkim. The project is aimed at modernizing Petkim and commissioning new facilities.

“Currently, we hold 17 percent of the Turkish market. The Turkish market is huge and marginal,” concluded Gahramanov.

SOCAR Turkey Enerji AS is one of big investors in the Turkish economy. The company’s consolidated turnover is expected to reach $15 billion in 2018 and the company will become the second biggest industrial company in Turkey with 5,000 employees and $3 billion of export potential.